Sound.xyz is making waves in the music industry by offering a new platform that empowers artists worldwide. In a recent announcement, the company revealed its decision to open up its platform tools to all musicians, giving them the freedom to navigate the restrictive economic boundaries set by traditional streaming platforms. This move comes as Sound.xyz secures a substantial $20 million in Series A funding, providing the necessary resources to redefine music distribution.
Launched in 2022, Sound.xyz challenged the existing norms in the industry and aimed to revolutionize the way music fans interact with and support their favorite artists. Unlike traditional streaming platforms, Sound.xyz puts the pricing control in the hands of the artists themselves. This unique approach allows artists to sell their music directly to fans, receive immediate payment, and identify their most dedicated supporters for each track. According to Sound.xyz, this could potentially be the most significant development in the music industry since the inception of streaming.
Achieving Unprecedented Success
Sound.xyz’s groundbreaking model has proven to be highly effective. Artists on the platform have generated revenue equivalent to an astonishing 1.6 billion streams, a feat that has been achieved by fewer than 100 songs on Spotify and never on Apple Music. This showcases the potential for artists to earn a comfortable living from a core group of 1,000 dedicated fans, eliminating the need to chase viral hits or accumulate millions of streams.
By uploading songs on-chain, artists on Sound.xyz retain complete creative control over their music releases and the value of their catalog. This independence extends to their relationship with the audience, removing the need for intermediaries. Notably, artists receive immediate and transparent payments whenever a fan collects their song, keeping 100% of the earnings and all master and publishing rights.
A Rewarding Experience for Music Lovers
Sound.xyz also offers an enriching platform for music enthusiasts. It encourages fans to become curators by collecting music and creating playlists. The platform rewards active participation and the role fans play in promoting new music.
Through the web and mobile app, fans can discover the latest releases from rising independent artists, show their support by collecting music, and leave lasting comments on the songs they enjoy. They can also engage in group chats with artists and fellow collectors, and even earn money through playlist curation and sharing their favorite songs.
Endorsement from Industry Leaders
Sound.xyz has garnered support from a notable list of renowned artists and industry insiders. Superstar Snoop Dogg, internationally acclaimed songwriter and producer Ryan Tedder, hip-hop producer Tay Keith, and renowned music manager Paul Rosenberg are among those who have shown their support. Their involvement not only demonstrates the promise that Sound.xyz holds in reshaping the music industry but also serves as a testament to the platform’s potential in empowering artists and prioritizing their creative control.
With its commitment to democratizing the music industry, Sound.xyz aims to become the go-to online destination for music discovery. Opening its tools to all artists and securing $20 million in Series A funding solidifies its ambition. This platform ensures that creators and music lovers can equally benefit from their contributions, enhancing the intrinsic value of music.